$SEI continues to gain traction as price action confirms a bullish breakout from a recent falling wedge pattern. According to World Of Charts, SEI recently broke out of a falling wedge formation, a move typically seen as bullish.
The price tested the breakout zone around $0.190 and has since bounced back, trading near $0.2065 at the time of analysis. This movement reflects a 3.46% increase, positioning the token for further upside. Analysts noted that a similar pattern in May led to a 56.64% rally.
The projected target based on the wedge breakout is $0.26, representing a 47.73% gain from the breakout level. SEI has already delivered over 20% gains since June 21, reinforcing trader confidence. However, analysts caution that maintaining support above $0.190 remains crucial for sustaining the bullish setup.
Resistance Levels and Short-Term Price Structure
SEI formed a bullish falling wedge on the daily chart, which has now broken to the upside. The price, currently around $0.2062, is consolidating in a short-term range between $0.2058 and $0.2303. The lower bound reflects the previous candle’s low, while the upper range acts as resistance.
Minor support is seen at $0.2058, with stronger support holding at $0.1890. A rejection at $0.2303 could lead to a pullback, but analysts suggest a clean break above this level may confirm further upside.
Price Surges as Market Volume and Sentiment Rise
SEI surged by 16.5% within the last 24 hours, reaching a high of $0.2326, according to CoinMarketCap. This move came alongside a 22.94% increase in trading volume, which reached $341.6 million. The market cap rose to $1.29 billion, tracking the price increase closely with a 16.48% gain.
